Common use of Successor Parties Clause in Contracts

Successor Parties. (A) If a Trustee or Custodian hereunder is a bank or trust company, any corporation resulting from any merger, consolidation or conversion to which such bank or trust company may be a party, or any corporation otherwise succeeding generally to all or substantially all of the assets or business of such bank or trust company, shall be the successor to it as Trustee or Custodian hereunder, as the case may be without the execution of any instrument or any further action on the part of any party hereto. (B) In the event a Beneficiary dies and payments are to be made to a minor, the Trustee may require that a guardian be appointed and may refuse to make the payments except to such guardian. (C) Any reference hereunder to the Grantor shall expressly be deemed to include the Grantor's successor and assigns.